- First chart shows Four hour time frame with up trend lines. Bulls will remain strong above the blue up trend line.
- 2nd chart shows weekly chart with Fibonacci levels, Price near golden ratio and previous price resistance between 1790 - 1805
- Last chart shows price reentering the long term ascending channel. Price violated the channel on the upside then it broke down below this channel and now price is getting back into this channel which may help gold bulls to continue the steady up trend it has been for the last few years.
- SILVER CHART UPDATE
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- Immediate support level for silver between 33.90 - 34.10 level.
- 200 Hour acting as strong support.
- Price hits an important resistance level in Weekly chart. Silver bulls must trade above 38.2% Fib level for targeting higher levels.
- SPY Weekly chart shows wedge breakout on the upside.
- Monthly chart shows the last two peaks around 155 and 157 levels. Looks like the current up move will also test this level before the next major down move could happen.
- 15 Minutes chart shows Trend continuation. For bears price must fall below 143 levels for a decent correction to happen. Sustaining above 145 price must continue to move up.
- CRUDE OIL TREND UPDATE
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- Crude oil daily chart shows price ranges continues to give upper breakouts.
- Weekly chart shows a possible W pattern. for now price may form a range between 99 - 102 level. Closing above 102 may target 105 levels.
- Monthly chart shows the falling resistance line from 147 through 110 will meet price at around 105 levels for the current month candle.
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SILVER UPDATE
- With today's GAP nifty will get out of the range discussed earlier.
- Next major resistance levels or Profit booking zones are near 5606 - 5660. Price resistance between 5606 - 5629. Fibonacci Golden ratio near 5648 level.
